The $ 10 million baby loan is undoubtedly a tempting offer – especially if you take into account the interest-free access that is available after a child. Keep in mind, however, that baby boomers are basically a credit product, and like all that, they have their dangers and pitfalls. Be sure to think through the following 5 things before you start applying for a baby loan!
Do you have enough money for your monthly expenses?
A monthly repayment of up to 50,000 HUF is definitely one of the favorable conditions for a baby loan. But you have to manage this extra expense. Remember, repayment must begin within the month following the loan! (The only exception is if the child was born after July 1, 2019, or if the fetus was older than 12 weeks.) Therefore, you need to consider whether the family budget can bear another $ 50,000 .
What is the solution if the budget cannot bear the repayment? If you are very disciplined, you can start paying off the baby loan itself , so you don’t have to restrain from other expenses or look for a new source of income. With the birth of the second child, the 30% debt cancellation can be “pocketed”, similar to the total debt forgiveness of the third child.
Raising a child is a great deal of money and responsibility!
Baby support is a huge help. Everyone is good for $ 10 million, not to mention when they let go of their outstanding debt. But if anyone counts, it is not possible to raise three children out of the baby room alone.
There’s a lot of spending: food, medicine, clothing, schooling … Before you start making another kid, think about whether he’ll have enough resources . And far from the material point of view, a child needs as much attention as shoes.
Is your marriage strong enough?
20 years is a very long time, anything can happen. By comparison, in Hungary, on average, fewer than 50,000 marriages are registered each year, but nearly 20,000 divorces are declared. However, in the event of a divorce, the borrower’s loan debt will continue to be borne by both borrowers and, in addition, interest-free will cease.
Therefore, before signing the application form, think about whether you will last 20 years . Also think about what will happen to your marriage when you have (yet) one, two or even three children. You will have enough time for each other,
or will everything revolve around kids?